Forum Search Button Mouseke-Calendar Forum Memberlist Button ModEARator Team Forum Help Button
This is the Vault: Disney Echo archives. The new Disney Echo is now open!
...Now accepting registration for new members...

» Welcome, Guest
[ Log In ˚◦˚ Register It's free! Only takes 30 seconds! ]

 

[ Mouseke-Track this topic :: MickEmail this topic :: Print this topic ]

Reply to Topic New Topic New Poll
Topic: Saudi investor seeks talks over Euro Disney's debt< Next Oldest | Next Newest >

RichKoster Offline

ModEARator




Group: Disney EchoEar Grand Mouseter/AdministratEAR
Posts: 5119
Joined: Aug. 2001
Posted: Aug. 04, 2003 6:28 am/pm Quote

From cbsmarketwatch.com:

Saudi investor seeks talks over Euro Disney's debt

Prince al-Waleed bin Talal, the Saudi investor who is the second largest shareholder in Euro Disney, is seeking management talks over a refinancing plan for the debt-burdened theme park.

Kingdom Holding Company, the prince's investment vehicle, is concerned at Euro Disney's admission last week that faltering demand could jeopardise a ?167.7m credit repayment to Walt Disney, due in June 2004, and threaten its banking covenants.

The prince, who has already reduced his Euro Disney stake from 24.7 to 16.3 per cent, is expected to seek assurances from the Walt Disney Company over its continued support. The US media and entertainment group owns 39.1 per cent of the Paris-based theme park operator.

"We need to meet with the management and see their business plan and understand the position of Walt Disney," said a spokesman for the prince. "They have to restructure with the banks."

Prince Alwaleed is expected to meet André Lacroix, Euro Disney's new chief executive, and Jeffrey Speed, its recently appointed chief financial officer, later this month or early in September. Mr Speed was appointed following the abrupt departure earlier this year of Serge Naïm as chief financial officer. Euro Disney yesterday said Mr Naïm had left "to pursue other career opportunities".

The new chief financial officer, formerly vice-president of corporate finance and assistant treasurer at Walt Disney, has initiated talks with Euro Disney's creditor banks and its main shareholder to secure waivers of bank covenants or additional financing. Failure to agree a deal could force Euro Disney to breach covenants on ?1.7bn of debt.

The company, which owns Disneyland Paris, has already refinanced some of its debt obligations to help pay for last year's opening of Walt Disney Studios, its second theme park.

In spite of the new opening, volatile demand contributed to a 7 per cent fall in total revenues to ?275.6m for the three months to June 30. The company declined to comment.


--------------
RichKoster, Disney Echo modEARator
Back to top
Profile PM WEB MSN YIM 
0 replies since Aug. 04, 2003 6:28 am/pm < Next Oldest | Next Newest >

[ Mouseke-Track this topic :: MickEmail this topic :: Print this topic ]

 
Reply to Topic New Topic New Poll




Featured Sponsors of the Disney Echo:
>
Your Ad Here!
Disney Ink Shop

© 2007 Rich Koster & FANtasEARS Disney Fan Club & Disney Echo. The Disney Echo is for like-minded individuals who gather here to discuss all aspects of the Walt Disney Co. All participants are welcome. We're not affiliated with nor endorsed by The Walt Disney Co., so you are free to share your opinions and join the fun Disney Spirit without having to toe the company line. The Disney Echo and FANtasEars Fan Club are not responsible for any damages that may be a result of the use of the information supplied on these pages. The viewer agrees to this by viewing the pages. The words & phrases "Disney Echo," "Disney EchoEars," "EchoEars," and "MousekeEars" are ©2007 Rich Koster.
Our Privacy Statement


Get FREE FANtasEARS MickEmail
Get FREE MickEmail And Hear Mickey's EarMail!


A Proud Member of

The FANtasEARS Disney Fan Club and Disney Echo has been visited times by Disney fans since June 18, 1998. We're glad you dropped by!
Disney.comFANtasEARS Disney Fan
Club The pages and images on this web site are ©2007 Rich Koster, except for Disney Character images & logos copyrighted by The Walt Disney Co.
All rights reserved.